President Bola Tinubu has approved the payment plan to finally settle the outstanding debts under the Presidential Power Sector Financial Reforms Programme.
According to a statement on Sunday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the debt repayment plan followed the final review of the legacy debts that have beset the power sector for more than a decade.
“The long-standing debts accumulated between February 2015 and March 2025. Following verification, N3.3tn has been agreed upon as a full and final settlement, ensuring a fair and transparent resolution,” the statement said.
Onanuga disclosed that implementation has begun, with 15 power plants signing settlement agreements totalling N2.3tn. “The Federal Governmenthas already raised N501bn to fund these payments. Out of the amount, N223bn has been disbursed, with further payments underway,” Onanuga disclosed.